The state is borrowing millions to finance capital construction projects and information technology improvements. But Illinoisans continue to pay for the worst credit rating of any state in the nation.

Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.

Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

Illinois House Bill 3868 would give Gov. Bruce Rauner the authority to trim costs and reorder the state’s spending priorities to balance the budget.

The New York-based credit agency cited the lack of action on a budget as the primary reason for the downgrade.

A set of structural reforms that protect taxpayers and put Illinois on the path to prosperity.

Chicago Public Schools officials had an opportunity to enact serious reforms addressing the district’s dire financial condition, but they instead opted to further burden Chicago taxpayers without offering any change.

Major ratings agencies have assigned a negative outlook to Illinois. To move forward, the state can’t pass just any budget – especially one that’s $7 billion out-of-whack – to get beyond its crisis. With today’s fiscal stress, a bad budget is worse than no budget. A budget without reforms will only allow Illinois’ debt to continue to spiral, putting investors – and more importantly, Illinois residents – at risk.